The 11-member Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) officially came into force on December 30, creating a free trade area covering more than a tenth of the global economy.
At the signing ceremony of CPTPP in Santiago, Chile, on March 8, 2018 (Source: Xinhua/VNA)
Hanoi (VNA) - The 11-member Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP) officially came into force on December30, creating a free trade area coveringmore than a tenth of the global economy.
The trade deal, signed in March, is thesuccessor to the Trans-Pacific Partnership (TPP) Agreement, a similar deal thatincluded the US. However, President Donald Trump withdrew the US from the TPPsoon after he was elected.
The CPTPP will cut tariffs on agriculturaland industrial products, ease investment regulations and enhance protection ofintellectual property.
The 11 member countries of CPTPP hope thatthe trade pact will help counter to growing protectionism.
Australia, Canada, Japan, Mexico, NewZealand and Singapore became the first six members to ratify the pact, settingthe stage for its entry into force.
The CPTPP is one of themost comprehensive trade deals ever concluded and strips 98 percent of tariffsfor the 11 countries with a combined GDP of more than 13.5 trillion USD andclose to 500 million consumers.
It is expected to promote economicgrowth and poverty reduction, create more jobs and improve the living conditionfor the people at member nations.
The trade deal was signed by 11 member states,namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, NewZealand, Peru, Singapore, and Vietnam in Santiago in March 2018.–VNA
Joining the Comprehensive and Progressive Agreement for Trans Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA) offers Vietnam an opportunity to modernise its labour laws and improve labour quality and productivity, heard a workshop in Ho Chi Minh City on December 4.
The Comprehensive Progressive Trans Pacific Partnership (CPTPP) promises great benefits for Vietnamese firms, but many regulations on technical barriers and social responsibility will have to be met in order to take full advantage of the trade deal, experts said at a conference in HCM City on December 15.
The Vietnam Trade Office partnered with the Wellington Chamber of Commerce and the ASEAN-New Zealand Business Council to run the Vietnam-New Zealand Free Trade Breakfast last week, discussing various trade issues.
Vietnam has become increasingly appealing to large foreign investor groups in the textile and garment industry who want to seize opportunities before the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) takes effect in January next year, according to analysts.
The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
The World Bank will provide a 2.1 billion USD financing package for Indonesia, focusing oncreating jobs, stimulating economic growth, and enhancing access to clean energy across the country.
Member states also reviewed progress on six priority areas for 2025, including the development of an underground cable framework, the follow-up agreement to the ASEAN Petroleum Security Agreement (APSA), the launch of the ASEAN Energy Efficiency Database, and the rollout of an investment platform for sustainable building initiatives.
In March, Thai Prime Minister Paetongtarn Shinawatra met with Formula 1 chief Stefano Domenicali and said Thailand would commission a feasibility study into hosting a Grand Prix on a Bangkok street circuit from 2028.
The proposed giant sea wall aligns with bilateral cooperation and has been designated a national priority, considering that several regions in Indonesia are experiencing land subsidence of 10–15 centimetres per year.
International flights were cancelled including Jetstar and Virgin Australia flights to cities across Australia, and flights of Air India, Air New Zealand, Singapore's TigerAir and China's Juneyao Airlines.
The partnership aims to strengthen collaboration in the exploration and exploitation of mineral resources, including gold, copper, and manganese, as well as in the development of steel, aluminum, and renewable energy industries.
The Thai cabinet has approved a seven-year EV bus leasing scheme proposed by the Bangkok Mass Transit Authority (BMTA) for the capital, with an estimated cost of 15.35 billion THB (over 470 million USD).
Aircraft are prohibited from flying below 6,000 metres in the vicinity of the volcano, and should also remain alert to the presence of volcanic ash, which can disrupt flights.
Laos declared the transfer of the press management functions of five key media agencies and associated personnel to the Propaganda and Training Board of the Lao People's Revolutionary Party Central Committee.
Univers said in a statement that the new centre will serve as a hub for innovation, bringing together digital intelligence and climate ambition to accelerate Sarawak's transition toward a low-carbon, tech-enabled economy.
The target is to be completely free from plastic waste within two years. This can only be achieved if all parties implement the initiative with strong discipline.
Indonesia is taking new steps to improve protections for fishery workers, amid concerns over low wages, harsh working conditions, and limited access to social welfare.
The 2025 ASEAN- the Republic of Korea (RoK) Connectivity Forum that opened in Jakarta on June 17 reaffirmed a shared commitment to shaping a connected, resilient future by advancing the ASEAN Connectivity Strategic Plan.
The desk will serve as a service centre providing market intelligence, business licensing guidance, facilitating business cooperation, identifying potential investment projects, and harmonising regulatory policies between the two parties.
Malaysian Prime Minister Anwar Ibrahim noted that the Asia-Pacific region accounted for half of global energy consumption and 60% of greenhouse gas emissions in 2024. Despite this, regional countries, including eight of ten ASEAN member states, remain committed to climate goals, including net-zero emissions and tripling global renewable capacity by 2030.
At the signing ceremony of CPTPP in Santiago, Chile, on March 8, 2018 (Source: Xinhua/VNA) 
